Britain's cost of living crisis - Families worried about the impact of war on personal finances
British households are bracing for a new cost of living crisis as the impact of conflict in the Middle East reduces confidence in the economy and personal finances, according to a survey.
The quarterly survey by accounting firm PwC, which measures factors such as consumers' spending intentions and how well they feel, recorded a score of -13 in April, a significant drop from -1 in January and the lowest level since the fall of 2023.
According to the survey, confidence about household finances had fallen across all age groups, although young people were still more optimistic than older people, despite there being a 20% drop in those under 35 who feel financially healthy and a 9% increase in those who are struggling or having problems with their bills and finances.
Nearly 90% of the 2,068 consumers surveyed by PwC said they were concerned about the cost of living and nearly 80% plan to cut their spending in the next three months. The percentage of those who say they will drive less to save money on rising fuel costs has doubled from 12% to 24% since January.
The survey is in line with other consumer confidence surveys, with data company GfK also reporting last month that UK consumer confidence fell in April to its lowest level since October 2023, amid the growing economic fallout from the Iran war.
This also reflects the situation in the US, as data on Friday showed that consumer confidence there fell to a record low due to concerns about higher prices.
The Bank of England said last week that higher inflation in the UK would be "inevitable" due to the conflict in the Middle East, which will raise fuel, food and energy prices.
Latest figures from the Office for National Statistics showed that the UK inflation rate, measured by the consumer price index, rose to 3.3% in March, up from 3% in February and well above the Bank's 2% target.
Europe invested 200 billion euros in electric cars - 109 billion euros were committed to the battery supply chain
European Economic Area countries and Switzerland have committed almost 200 billion euros in investment into their electric vehicle ecosystem, data from New......
Resurgence of US energy exports to China - Trump-Xi deal expected this week
US President Donald Trump will arrive in Beijing this week for a summit with President Xi Jinping on May 14 and 15, where US officials say a deal for Beijing......
Additional tax on oil company profits? - First-quarter results prompt demands from several EU countries
European oil and gas companies that posted huge profits in the first quarter due to price increases caused by the war in the Middle East are facing fresh......
Non-performing loans, Bank of Albania: There was a slight increase in March
According to the latest data from the Bank of Albania, the non-performing loan ratio in March reached 3.85%, up from 3.8% a month earlier. But on an annual......
Karakaçi inspects works at the OST substation, Elbasan 3: Investment in the transmission network responds to the increase in energy production capacities
The Elbasani 3 electrical substation is another strategic investment of the Transmission System Operator. Recent developments in the sector, especially the......
The train station returns to Tirana - ARRSH opens the tender for the 4.2 km segment, fund limit 1.5 billion lek
The restoration of the train station in Tirana is expected to cost 1.5 billion lek, excluding VAT, as the Albanian Railways has opened the tender for the......
Malaj: Committed to building a quality and reliable internal audit system
The Minister of Finance, Petrit Malaj, participated in the conference “Strengthening Internal Audit”,......
Rama: OBP, a major leap forward for transparency and efficiency in tenders
Prime Minister Edi Rama praised the role of the Centralized Purchasing Operator (CPO), considering it as one of the main instruments of public procurement......
